The successful conduct of elections is crucial to the stability of democracy in any nation. While concerted efforts are being taken by all stakeholders to protect the nascent democracy in Nigeria, the 2007 general elections were a major threat because of the massive irregularities recorded. Consequently, many Nigerians feel politically powerless and have little or no impact on the democratic process. Currently, e-Voting is being proposed as a solution to this problem, hence this paper presents an exploratory study of its prospects and challenges. The research instruments employed include questionnaire, archival searches and annual reports. The collected data were analyzed based on Political, Economical, Social and Technological (PEST) analysis to ascertain its feasibility and viability. The recent national e-Registration exercise was reviewed with a view to making it a spring-board for e-Voting implementation. Our findings revealed that Nigeria has embraced democratic rule but is currently grappling with some teething problems particularly, electoral irregularities. Such irregularities would have thrown-up the nation in flames but for the belief in the judiciary that is fairly independent and reliable. Economically, the country's external reserves growth level (over $42 billion) is encouraging and inflation rate (8.4%) has improved dramatically. Therefore, Nigeria will be able to finance the e-Voting project with ease. However, on the social front, the adult literacy rate is well above average but the unemployment level, poverty level and the level of electricity generation require more attention. The masses are yet to fully enjoy the dividend of democracy because of certain social vices like corruption which is very endemic to the polity. Similarly, the level of power generation may be a threat to the adoption of the system if nothing serious is done. Technologically, the country is developing fast at an encouraging level considering the current teledensity (37.05) or more and the Internet penetration (5 million), which is the second in Africa, after South Africa. Generally, arising from the e-Registration experience, the respondents favoured the adoption of both the manual and electronic voting systems because of the massive rural dwellers and the epileptic power supply. This is similar to the pilot/phased scheme practiced in Europe, UK and US. Similarly, over 70% of the respondents like the general populace passed a vote-of-no-confidence in the electoral body.